The Memorandum of Association of a company is a charter of the company. This is only applicable to the companies which incorporated under Companies Act 1965. It governs the company with the outside world i.e. regulate external affair of the company.The Memorandum of Association contained the following clauses for:-
- Company’s name
- Situation of registered office
- Object clauses
- Powers of the company
- Liability of the members of the company is limited
- Amount of authorised capital that registered with SSM
- Name, address and occupation of the subscribers
Whilst, the Articles of Association of a company is a constitution of a company detailing the rules and regulations governing the internal management’s affairs of a company and the conduct of its business such as issuance and transfer of shares and all matters relating to shares; proceeding of general meetings and board meeting; directors’ appointment, retirement, resignation, powers and duties; accounts; secretary; use of common seal, dividend and reserve, winding up of company etc.
The Memorandum of Association of every company must state its objects for which the company is established i.e. nature of business activities. The object clauses are the activities for which the company is permitted to undertake and the extent of powers that the company is able to exercise.
The number of object clauses allowable for a company to insert in the M&A is limited to three. We will propose the draft object clauses to you to seek your approval prior to the submission to SSM.
The MSIC business code is an abbreviation word of Malaysia Standard Industrial Classification. It is used for the collection, compilation and publication of statistics. The MSIC is intended to be a standard classification of productive economic activities. Its main purpose is to provide a set of activity categories that can be utilised for the collection and presentation of statistics according to such activities.
Each business activity is only allowed to select one MISC business code. The maximum MISC business code required by a company is three.
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